The Russian newspaper said Vietnam's economic miracle was not 'falling from the sky'

Thứ Năm, 15/4/2021| 15:32

According to Russian news agency Sputnik (Russia), Vietnam's economic miracles, commendable achievements in the fight against Covid-19 to create momentum for economic recovery and development are not due to luck.

With an article titled "Vietnam's success story makes many countries 'fear'?", Sputnik said, Vietnam has proved to the world the bravery and strength of the country and the nation from exits the list of 'poor' countries faster than any other country in modern history, as well as creates a miracle of economic growth makes neighbouring countries 'jealous' themselves.

The Russian newspaper said Vietnam's economic miracle was not 'falling from the sky'Photo: VGP

 

Sputnik quoted Joey Salceda's speech before the National Assembly of the Philippines, saying that Vietnam is outstripping and surpassing the Philippines in both economic growth, per capita income and FDI capital despite the heavy consequences from the war with the US.
Vietnam's economic miracles, commendable achievements in the fight against Covid-19 to create momentum for economic recovery and development are not due to luck. According to economist and politician, Rep. Joey Salceda, Vietnamese people will be richer than Filipinos.
Vietnam's strong and prosperous FDI wave has been mentioned a lot. Sputnik quoted an update report on Vietnam's macroeconomic situation in March 2021 of the World Bank (World Bank - WB) said that Vietnam's economic recovery when quickly controlling the outburst waves of the Covid-19 epidemic is on the "right track".

The successful anti-Covid-19 helped Vietnam maintain the prospect of a positive economic recovery. Notably, in its report, the World Bank said that after decreasing in January 2021, FDI inflows into Vietnam were 70.4% higher than the previous month and tripled in the value of investment capital. Foreign countries recorded the same period last year in 2020. According to the World Bank, Vietnam has attracted 3.4 billion USD of FDI. That is very welcome in the context of capital flow is slowing around the world.
The statistics show that this increase in FDI capital in the context of the Covid-19 pandemic was mainly driven by new registration (increased 265.7% compared to the same period last year) and increased capital (273.0% over the same period last year).
Major projects including the $ 1.31 billion O Mon II thermal power plant in Can Tho and the $ 750 million OLED panel module manufacturing plant in Hai Phong were also mentioned by the World Bank. Experts say that this is a positive trend of FDI inflows, when localities promote attraction in the direction of choosing high-tech projects, instead of "racing" for the number as before.

Furthermore, the attraction of FDI in the Bac Giang province of Vietnam is also noticeable when Foxconn (Apple's biggest partner) has received the investment certificate, to implement a factory project with total investment capital. registered more than 6,200 billion (270 million USD). This locality also awarded certificates to three more FDI projects.
Economists said that the inflow of FDI into Vietnam, especially the investment trend of large corporations, leads to the development of supporting industry chains. This is considered a catalyst that pushes domestic enterprises in Vietnam to also "change themselves", "change themselves", and improve their competitiveness.
Sputnik quoted an analysis of Vietnam's success in the investment weekly MoneyWeek (UK), posting comments from expert Cris Sholto Heaton, saying Vietnam is one of the most promising markets in the long term the investors. Currently, Vietnam's economy is still growing very well despite being subjected to a "Covid-19 shock" like any other country.
“Vietnam is slowly getting rid of the Covid-19 pandemic and shining more and more intensely than ever before. Vietnam is on the list of the rare countries to achieve positive growth in 2020 - a year full of difficulties due to the pandemic ”, the author affirmed. The British newspaper emphasized that, although Vietnam's GDP growth rate was only 2.91%, lower than the average growth rate of 6-7% in recent years, but still higher than other economies. Another major economy in Asia, far ahead of its neighbours and a highlight of the world economy during the year of the pandemic crisis caused by the Coronavirus.

Why was Vietnam able to achieve such amazing economic successes in the global crisis caused by Covid-19?

According to Cris Sholto Heaton, there are many important reasons to help Vietnam achieve outstanding economic achievements in 2020. First of all, it must be mentioned that the success in the fight against Covid-19 with measures and decisions to prevent, effective anti-epidemic. Gratitude to that, the "heavy blow" can be minimized, the negative impacts on the economy.

"In particular, Vietnam's success did not come from luck, not from" falling from the sky ", but thanks to the government's rapid implementation of measures to prevent the drastic Covid-19 epidemic from the beginning" MoneyWeek accentuated. The British newspaper also quoted professional investors in Vietnam, such as Dominic Scriven of Dragon Capital, Andy Ho and Khanh Vu of VinaCapital and Craig Martin of Dynam Capital, all highly appreciated the achievements and efforts of Vietnam in anti-epidemic work.

"The quick, decisive and consistent action of the Vietnamese Government along with the support and unanimity from the people has created success in recent years", the British newspaper commented and said that this is an important basis, a foundation for large economic groups to trust the investment environment, pouring capital into this country.

According to the British newspaper, Vietnam has done very well in catching the wave of investment shifts while the global supply chain was interrupted. "In the past, when infrastructure was considered one of the biggest weaknesses of Vietnam, up to now, investors have evaluated that this sector has many positive prospects and has been better improved.", the British newspaper confirmed.

According to VGP

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